The governments of Saudi Arabia and the United States signed an agreement on July 31, 2003, for the further development of trade and investment between the two countries. As part of the agreement, the two sides established a Council on Trade and Investment, which will be chaired by the Saudi Ministry of Commerce and Industry and the Office of the US Trade Representative.

The Council will meet at least once a year and will monitor trade and investment relations and look for opportunities for expanding trade between the two countries. In addition, the Council will hold consultations on trade and investment issues, facilitate and expand contacts between the American and Saudi private sectors, and promote and attract trade and investment climate between the two countries.

The agreement was signed by Hashim Yamani, Saudi Minister of Commerce and Industry, and Robert Zoellick, United States’ Trade Representative, during a visit by a Saudi delegation to Washington for negotiations on Saudi Arabia’s accession to the World Trade Organization (WTO). — (menareport.com)